The bank's five-member governing board weighed a rate hold
as the only option at the meeting, the minutes also showed.

The bank cut the rate 200 basis points between
October 2013 and October 2014 to stimulate a flagging economy,
but has indicated it will now pause to give above-target
inflation time to ease.

Inflation has stubbornly stayed above the central bank's 2
to 4 percent tolerance range for several months and has proved a
headache for monetary policy making.

"The high and persistent level of inflation, the recent
depreciation of the peso, the evolution of the labor market and
the fact that it was unclear whether the economy needed to
intensify the monetary stimulus, also led to rule out the option
of further cuts," said the central bank.

"The current monetary stimulus was consistent with the
convergence of inflation to the desired (2-4 percent) levels
within the usual projection horizon."
(Reporting by Anthony Esposito; editing by John Stonestreet and
Chizu Nomiyama)